Be-Bound and PayNearby Partner to Enable Financial Transactions in Areas with Limited or No Data Connectivity

Feb 07, 2019

PayNearby, India’s leading Hyperlocal FinTech Network which empowers retailers across the country to offer digital financial/non-financial services through local retailers to millions of citizens has partnered with Be-Bound, the French mobile network optimization company, to make digital financial transactions possible in more places in rural India using Be-Bound’s patented Augmented Connectivity technology.

Anand Kumar Bajaj, Founder and CEO of PayNearby, and Yazid Chir Co-Founder and President of Be-Bound

This partnership will facilitate enhanced connectivity to PayNearby retailers, who are facing challenges due to the unstable data connectivity while serving customers with digital financial services in low network areas. With Augmented Connectivity, PayNearby retailer app will work even in the absence of data coverage. Augmented Connectivity enables Android apps to work on any network, even without internet. Data is compressed so that, apps not only work better on data networks, but also get full functionality on the SMS network, where normally only a text can be sent. With this collaboration, PayNearby retailers will now be able to serve the end customers in a more simple, efficient and connected manner.

After signing the MOU, Mr. Anand Kumar Bajaj, Founder & CEO – PayNearby said “We are intensifying our efforts to extend financial inclusion to every citizen everywhere. Our key objective is aligned with the Government’s agenda and through this partnership, we’re happy to have one less challenge to handle. The Har Dukaan Digital Pradhan movement will become a reality through this connectivity solution offered by our Global Partner Be-Bound. Using PayNearby, shops essentially become local banks, offering a wide range of digital financial services to the people. With the wider reach that Be-Bound technology can offer us, we will now steadily enhance the availability of our services to a larger population.”

“We are looking forward to using our technology to help PayNearby transform rural retail stores into Fintech Marts, and bring digital services to people who need them most, with the help of Augmented connectivity. This will introduce entirely new populations to the world of digital money, and contribute to inclusive growth” – said, Yazid Chir, President and Co-founder of Be-Bound.

Ekaga Futuristics Pvt Ltd is Be-Bound’s strategic partner for India and is helping them to acquire such valuable partnerships with the leading companies like PayNearby. “Be-Bound technology enhances the level of connectivity and improves the customer experience by helping businesses to reach the zones with limited or no data service using the pre-existing networks.” – said, Harkaran Singh Sachdev, Founder & CEO, Ekaga Futuristics.

About Pay Nearby

Founded in April 2016 by Anand Kumar Bajaj, Subhash Kumar, Yashwant Lodha & Rajesh Jha, PayNearby is a robust digital fintech company which offers digital financial/non-financial services to locals. It is registered under the Startup India initiative of the Department of Industrial Policy & Promotion (DIPP), Government of India. PayNearby works on a B2B2C model and facilitates a bouquet of financial services including aadhaar banking, domestic remittances, bill payments, card payments, granular investment and insurance assurance among others. It already has numerous technological tie-ups with financial institutions including YES Bank, RBL Bank, ICICI Bank, State Bank of India, Axis Bank, CC Avenue, Bill Desk, NPCI, Fastag, NBFC and FMCG companies. It is also the sole technology provider for using Aadhaar Enabled Payment Services (AEPS) and IMPS to YES Bank, making them one of the only two fintech companies hosted by the National Payments Corporation of India (NCPI).

Be-Bound’s Augmented Connectivity, a unique and frugal innovation, increases business efficiency and reach worldwide. By optimizing data connectivity for professional mobile apps & IoT, this patented technology enables mobile services to reach 95% of the world’s population, through existing mobile networks, without any additional infrastructure cost.

In emerging countries, Be-Bound multiplies addressable markets up to 3 times. In developed countries, Be-Bound solves critical connectivity issues. This technology is made for corporations, governments, mobile network operators, and developers, to increase their reach and revenues, while serving the unconnected, immediately, bridging the digital divide.

Ekaga Futuristics Private Limited has been setup to address the gap which withholds the latest global innovators to enter into the Southeast Asia market. To achieve this, they are creating an ecosystem of innovative companies and their solutions for service providers, authorities and enterprises.